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Twitter: Slight reduction, no company-wide layoffs planned | WGN Radio 720

Twitter has told employees that it does not plan a company-wide layoff, but restructuring and organizational changes could occur as it heads for a legal battle over a possible sale to Elon Musk. ..

The San Francisco company included contacting the filing with the Securities and Exchange Commission on Wednesday.

Twitter also states that it is losing workers at a slightly higher rate than normal economic conditions, but turnover rates are in line with current tech industry trends. The company monitors sales and “makes it possible to quickly identify concerns and mitigate them when possible.”

Twitter said it plans to offer a package to retain employees and said on June 20 that it asked Mask to agree to a program approved by the board and its compensation committee. Filing said Musk “did not provide his consent to implement these programs.”

The employee Q & A document attached to the filing states that the company-wide team is making changes to ensure responsible and efficient operation in the current environment. This means that “by continuing to respond to revised business needs,” restructuring and organizational changes will be possible.

Twitter sued Tesla CEO Elon Musk on Tuesday, accusing him of “eccentric” and “malicious” behavior that caused irreparable harm and “chaos” to the platform, and of social media companies. Attempt to complete the $ 44 billion acquisition. Its stock price.

In April, Musk promised Twitter Inc. to pay $ 54.20 per share. Twitter Inc. Agreed to these terms after overturning the initial opposition to the transaction. But both sides have been preparing for a court battle since Billionaire said it would withdraw from his agreement to buy the company on Friday.

Twitter’s proceedings in the Delaware Provincial Court refused to respect his obligations to Twitter and its shareholders because the transaction he signed no longer serves his personal interests. Insists.

Part of Mask’s claim to close the deal is his claim that Twitter broke the deal when it fired two top managers and one-third of its talent acquisition team. However, in a lawsuit, Twitter revealed a communication from Mask that began shortly after the deal was signed, expressing concerns about “increased personnel and costs” and a desire for more aggressive cost savings. ..

Twitter said Musk “refused to approve or even discuss the retention program Twitter proposed for key employees.”

“Mask noticed in early May many actions he was complaining about for the first time,” the proceedings say.

Twitter: Slight reduction, no company-wide layoffs planned | WGN Radio 720

Source link Twitter: Slight reduction, no company-wide layoffs planned | WGN Radio 720

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